MOTOR VEHICLE DEALERS ACT 1973 - SECT 63

MOTOR VEHICLE DEALERS ACT 1973 - SECT 63

63 .         Winding-up by former Board

                As soon as reasonably practicable after the commencement day, the Board is to wind-up its affairs and in particular, but without limiting what may be done to wind-up its affairs, the Board is to apply its assets, together with any money in hand, in —

            (a)         discharging its liabilities; and

            (b)         transferring any assets which remain after the discharge of liabilities ( residual assets ) to the State to be administered in the department, or realising residual assets and causing the proceeds, together with any moneys in hand, to be credited to the Consolidated Account.

        [Section 63 inserted: No. 58 of 2010 s. 49.]